The continued drive for business efficiency, and better understanding of cost, revenue and risk within firms, combined with what appears to be the ‘new normal’ of continued regulatory compliance and reporting, means that the role of Chief Data Officer (CDO) is becoming increasingly important within many organisations. The role of the CDO is therefore continually evolving, and is being constantly challenged by these increasing pressures both from within the firm and externally, both from regulators, and competitors.
The financial sector has vast and ever-increasing amounts of data being managed, analysed and reported upon, and the challenges are constantly evolving, as they are for the CDOs themselves. It is therefore crucial that this data is managed effectively, to ensure the company remains competitive, profitable and compliant in the eye of the regulators.
GFT specialists provide insight into the current issues faced by the CDO, including the joint Heads of the Data Practice at GFT, Nick Weisfeld and Jon Cooke, plus Jon Warren, Head of the GFT Architecture Practice. GFT were a key participant in the Chief Data Officer summit held at the end of last year, an event that was very well received and filled with great discussion around maximising the effectiveness of the CDOs. Presentations at the time highlighted the current challenges and opportunities faced by CDOs – and these still continue today.
Video interviews of the GFT team are available, with Jon Cooke speaking in detail about how data must now be considered as the ‘4th pillar’ within firms, alongside the Business, Technology and Operations, demonstrating the importance that it plays in day-to-day operations, as well as strategic change programmes. Jon also illustrates how raising the profile of data as an asset within firms and changing the culture to place greater value on data is an ever increasing role of the CDO. With CDO’s now having a wider base of ‘customers’, Jon argues that they can now use analytics and visualisation to drive cultural change and create the new ‘rules’ necessary for them to improve their own effectiveness.
With quick and vital improvements needed within investment banks, Jon Warren discusses how financial services firms are utilising best practice user-centric, and data-centric approaches to make rapid improvements, particularly related to solving regulatory challenges. Jon also points out how different industry sectors such as insurance and retail are providing best practice in the use of telemetry to analyse data, in order to visualise what ‘good’ data looks like.
Nick Weisfeld emphasises the importance of maximising the effectiveness of the CDO provides details of the three papers recently released by the Data Innovation Working Group on behalf of GFT. The papers entitled Delivering Benefit, Delivering Vision and Delivering Change cover the entire scope of the CDO’s duties, with thoughts on how the role can be best used to drive innovation and best practice. Nick also highlights the role CDO’s have in changing the attitude of the industry towards data, and the importance of having very high quality data in order to steer good decision making.
All three papers Delivering Benefit, Delivering Vision and Delivering Change are freely available to download. Please click here to visit the GFT website in order to do so.